Private credit valued at $1.7 billion gets digitized through the collaboration between Janus and Victory Park, using tradable tokens.
Tradable Expands into Music Royalties with Tokenization
In a significant move, Tradable, the asset management firm headquartered in the Chicago offices of VPC, has tokenized a music royalty stream, marking its first foray into the entertainment industry. This new asset, however, does not seem to be part of the $1.7 billion in tokenized assets mentioned earlier.
The music royalty tokenization is independent of any acquisitions or changes in leadership at Tradable or its parent company, Janus Henderson. It's also worth noting that Janus Henderson recently acquired VPC.
The profile of qualifying investors for the music royalty tokenization has not been specified, but it depends on the tokenization issuance. The new CEO of Tradable is also head of technology at VPC, indicating a close relationship between the two entities.
Interestingly, most of the tokenizations by Tradable have been in North America, but the music royalty tokenization is one of their assets outside this region. Contrary to some speculation, the music royalty tokenization does not appear to have any Latin American exposure.
Victory Park Capital (VPC) and Spring Labs were seed investors in Tradable last year. A large portion of the tokenized assets were likely originated by VPC, although the music royalty stream is not believed to be among them.
The asset manager who shaped most of the announced $2.7 billion tokenization of private credit funds is BlackRock. BlackRock operates the largest tokenized money market/treasury fund valued at approximately $2.387 billion as of August 26, 2025.
So far, Tradable has tokenized 27 assets, ranging from personal injury legal receivables to buy now pay later and music royalties. The new music royalty token is not among the 27 assets previously tokenized by Tradable.
It's important to clarify that the music royalty tokenization does not seem to be part of the $10.6 billion total investments made by Victory Park Capital to date. The $1.7 billion in tokenized assets represented by Tradable, however, does represent a reasonable proportion of VPC's total investments to date.
This latest move by Tradable underscores its commitment to exploring new asset classes and leveraging blockchain technology for innovative solutions.
